While the Securities and Exchange Commission maintains it does not need to do much to reign in the high frequency trading machines that have taken over Wall Street, a group of traders who understand how HFT firms make money—because it’s similar to the method they used to use themselves—have become vocal HFT critics. Yes, they may complain because they don’t make as much money as they used to, but they also think the machines are destabilizing the market.
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Global markets took the meltdown up another notch on Friday, with Japan’s Nikkei index ending down 9.6 percent and European shares down 8 percent. U.S. stock futures market fell so much they had to be frozen at several points overnight.
It’s the kind of Black Friday retailers don’t want to see.
Consumers are pulling back in droves and Liz Claiborne is the latest to feel it.
The company lowered its full-year earnings forecast and also said it plans to cut capital spending in half in 2009.
Comparable net sales also fell 15.9 percent percent in the third quarter, the company said.
“Traffic in malls and street locations is off in every region, including Europe,” CEO William McComb said. “Consumer confidence has clearly been impacted in a way we hadn’t seen earlier this year.”
The department stores that carry Liz Claiborne’s clothes dramatically increased promotional spending in September, he said.
By the way, it’s just 62 days until Christmas.
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